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tax rate goes up. eventually you will get someone out, to get that president out and get president who wants lower tax rates and congress that wants the lower tax rate and maybe a senate. it would hurt dramatically. best time to do it is now. >> andrea: there are two schools of thought here. one if you follow twitter or watch republicans who are on the pundit circle, they say let them go off cliff and let obama own that. there is another one that says just let him have what he wants and then when the economy nose dives he will have to own it. republicans are going to get blamed anyway. do you feel strong about either one of those? >> dana: not necessarily. i do think i see in "washington post," headline, obama offers plan for cliff. plan to be in quotes. the thing that amazes me and the media lets it happen. for eight years or longer now. i had to defend how many times people said on the left, including president obama when he was running for president the first time, the bush tax cuts only help the ri
tax rate goes up. eventually you will get someone out, to get that president out and get president who wants lower tax rates and congress that wants the lower tax rate and maybe a senate. it would hurt dramatically. best time to do it is now. >> andrea: there are two schools of thought here. one if you follow twitter or watch republicans who are on the pundit circle, they say let them go off cliff and let obama own that. there is another one that says just let him have what he wants and...
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yeah, no one wants higher taxes, but we're not in a deep reception right now. we absolutely are going to die if things start to change and in fact, the underlying real problem, the growing deficit on the path to greece, the goal gets worse once we kick the can away. that will be the overriding probleming not the slowing economy not people spending money, but sure, that might not happen in the first two months, but it will eventually happen if we keep kicking down the can. we want to prove to the world that we have a solution and if it takes a few months to get there and higher taxes for a while, big deal, we will get there. that's got to be the plan not just the same nonsense. >> yeah, but larry, that's part of your point, but jonas says we're not in a bad recession, we're certainly not in a good recovery. and if we just keep falling little bit by little bit, maybe as much as jump off the cliff, but it's certainly a slippery slope. >> brenda, the damage is already being done. we saw it in november retail sales and companies delaying activity already and we know
yeah, no one wants higher taxes, but we're not in a deep reception right now. we absolutely are going to die if things start to change and in fact, the underlying real problem, the growing deficit on the path to greece, the goal gets worse once we kick the can away. that will be the overriding probleming not the slowing economy not people spending money, but sure, that might not happen in the first two months, but it will eventually happen if we keep kicking down the can. we want to prove to...
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they paid a negative income tax. we paid duke energy instead of them paying taxes. the guy seems to be so relevant into this fiscal cliff grand bargaining negotiations is grover norquist. did you this story about who is behind grover norquist, and who he really represents, and i think that's a really interesting story. who is the money behind grover? >> well, grover norquist is an interesting guy. he's obviously captured the minds and the attention of the entire republican party. but i would like folks to look at him a little bit differently. if you look at grover norquist's budget because he has a large foundation that enforces his pledge. two-thirds of his money, 66% of his budget comes from only two billionaire-backed non-profits groups founded by folks like the koch brothers, the bekdel corporation and karl rove. they're worth billions of dollars who would not like to see their tax rates go up. it should not be any surprise that they're giving money to norquist as their enforcer. >> cenk: a lot of those are in private equities and defense and, etc. shockingly th
they paid a negative income tax. we paid duke energy instead of them paying taxes. the guy seems to be so relevant into this fiscal cliff grand bargaining negotiations is grover norquist. did you this story about who is behind grover norquist, and who he really represents, and i think that's a really interesting story. who is the money behind grover? >> well, grover norquist is an interesting guy. he's obviously captured the minds and the attention of the entire republican party. but i...
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dividend taxes could be astronomical. neil: that was the single best explanation of this entire phenomenon that i have heard. >> you flatter me, sir be met really. >> you are very kind. neil: he talked about the avenue of successful investors who was inhibited by the tax rate. i am paraphring. but regardless of what the tax situation was, turning around your argument on dividends, but it could have a big imact on those who might invest in dividend paying stocks with a cd that you get, and maybe that won't happen at all. would he make of that? >> i think he is talking about something else. he is saying that people will not add to employment. neil: i get it, it won't kill the old world investment. >> that will knock it down. 30% of the long-term gain. roughly the right amount in stocks. if you're going to cut that i have, then very roughly, 15% of the value of the stock market, just like that. this is not something that affects only wealt people. it affects anyone who is saving stock market for his or her retirement. that i
dividend taxes could be astronomical. neil: that was the single best explanation of this entire phenomenon that i have heard. >> you flatter me, sir be met really. >> you are very kind. neil: he talked about the avenue of successful investors who was inhibited by the tax rate. i am paraphring. but regardless of what the tax situation was, turning around your argument on dividends, but it could have a big imact on those who might invest in dividend paying stocks with a cd that you...
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then we have been signed on the tax hike that could put a spike tax hike that could put a spike in this very twins. i didn't see them coming. i have obligations. cute obligations,ut obligatio. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. neil: welcome back. >> most of you know me pretty well. what you see is what you get. while i may be affable and someone who can work with members of both parties, which i have demonrated over the 20 years i've been here, i have also determined to solve our spending problem. to also solve this debt criis. neil: speaker john boehner is not too confident that things are looking good. saying tt republicans are not the ones blocking a deal to avoid the disa
then we have been signed on the tax hike that could put a spike tax hike that could put a spike in this very twins. i didn't see them coming. i have obligations. cute obligations,ut obligatio. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which...
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tax policy, the tax cut put in place at the it illustration that will expire at the end of this year. -- by the past administration that will expire at the end of this year. be on some important decisions that will have a real impact on our businesses -- and on families like yours. the most pressing decision has to do with your taxes. see, at the end of the year, middle-class tax cuts are set to expire. and there are two things that can happen. first, if congress does nothing, every family will see their income taxes automatically go up at the beginning of next year. a typical middle class family of four will see their income taxes rise by $2,200. we can't let that happen. our families can't afford it, and neither can our economy. the second option is better. right now, congress can pass a law that would prevent a tax hike on the first $250,000 of everybody's income. everybody. that means that 98% of americans and 97% of small businesses wouldn't see their income taxes go up at all. and even the wealthiest americans would get a tax cut on the first $250,000 of their incomes. congress
tax policy, the tax cut put in place at the it illustration that will expire at the end of this year. -- by the past administration that will expire at the end of this year. be on some important decisions that will have a real impact on our businesses -- and on families like yours. the most pressing decision has to do with your taxes. see, at the end of the year, middle-class tax cuts are set to expire. and there are two things that can happen. first, if congress does nothing, every family will...
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if you want to limit tax deductions, tell me what it is you want to limit. if you want to reduce entitlements, tell me how we're going to do that. if we're going to raise taxes or cut spending, tell me how we're going to do this because i've got the american public on my side. >> jennifer: i totally agree with that. i hear he's not cutting enough in this proposal, but in the last campaign he was cutting too much, oh my god. shouldn't the republicans in congress be called out on that hypocrisy, at least by the main treatment media? >> one of the things that think they're going to be cognitive of, they don't have time to change their image with the american public. there is the argument that house and republicans were re-elected, but i think it's clear that the american public did not vote for dysfunction. they want the american government to function. that's the reason why barack obama was elected and mitt romney was not elected. the american people liked most of the president's policies, and they want the government to function. if i were a house member, a r
if you want to limit tax deductions, tell me what it is you want to limit. if you want to reduce entitlements, tell me how we're going to do that. if we're going to raise taxes or cut spending, tell me how we're going to do this because i've got the american public on my side. >> jennifer: i totally agree with that. i hear he's not cutting enough in this proposal, but in the last campaign he was cutting too much, oh my god. shouldn't the republicans in congress be called out on that...
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then we have been signed on the tax hike that could put a spike tax hike that could put a spike in this very twins. i didn't see them coming. i have obligations. cute obligations, but obligatio. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and eenses. read and consider it carefully before investing. well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry about that. [ male announcer ] break from the holiday stress. fedex office. you know how painful heartburn can be. for fast, long lasting relief, use doctor recommended gaviscon®. only gaviscon® forms a protective barrier that helps block stoma acid from splashing up- relieving the pain quickly. try fast, long lasting gaviscon®. neil: welcome back. >> most of y
then we have been signed on the tax hike that could put a spike tax hike that could put a spike in this very twins. i didn't see them coming. i have obligations. cute obligations, but obligatio. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which...
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one-third of it was tax cuts. they said from the get go, we're going to give republicans what they want. we expect them to meet in the middle. that's not what they did this time. this is where we are, we'll meet down here. republicans are going to do the same thing. they're going to say this is not a serious proposal. along the way, they are going to meet. it's going to be a proposal that doesn't have a trillion dollars in tax rates. >> some conservatives are encouraging republicans to go off the cliff. >> they obviously expect republicans will cave on everything. i think republicans ought to simply walk away. >> limbaugh said the same thing as well. is this political suicide for republicans? who would really pay the political price before the state of the union and on into the spring if they don't have a deal? >> republicans. i think matt lewis and his column got it right. they would pay the price. what they are essentially saying because we want to protect -- listen, it's a more complex argument. what it will be
one-third of it was tax cuts. they said from the get go, we're going to give republicans what they want. we expect them to meet in the middle. that's not what they did this time. this is where we are, we'll meet down here. republicans are going to do the same thing. they're going to say this is not a serious proposal. along the way, they are going to meet. it's going to be a proposal that doesn't have a trillion dollars in tax rates. >> some conservatives are encouraging republicans to go...
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adding tax hikes on dividends and capital gains. the white house wants 50 billion in new spending next year alone in a long-term deal that is supposed to be about cutting spending. >> not even $400 billion in cuts and they want to have this extra spending that is actually greater than the amount they're willing to cut. it was not a serious proposal. >> the president may have the upper hand because the fiscal cliff tops allow him to back the opposition into a corner by framing this as republicans raising taxes. >> if congress does othing, every family in america will see their income taxes automatically go up on january 1st. that is sort of like a lump of coal you get forchristmas. >> congressional democrats operating like they don't have to compromise on spending or taxes. >> elections have consequences. the president campaigned, made it very clear. made very clear that he was supporting tax cuts for the mile-class, thathe wanted the expiration of thetax cuts for the high end. >> very little progress among the inside player so ar, t
adding tax hikes on dividends and capital gains. the white house wants 50 billion in new spending next year alone in a long-term deal that is supposed to be about cutting spending. >> not even $400 billion in cuts and they want to have this extra spending that is actually greater than the amount they're willing to cut. it was not a serious proposal. >> the president may have the upper hand because the fiscal cliff tops allow him to back the opposition into a corner by framing this...
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there is also other taxes like gasoline tax, phone tax. we pay a lot of money to foreign countries that we do not need to. as i think about taxes. guest: this is kind of one of the ideas that republicans talk about, and democrats talk about when we talk about moving to tax reform. it is getting the individual provisions. right now it is a complicated mess. the kind of start over with a simple system that has a few income brackets. easier said than done. that is one of the goals here. host: jim from twitter says -- guest: absolutely. a lot of these credits and deductions, the standard deduction exceeds what you would get, that you just take that. host: the specific credits we have been talking about prompt a question from cindy. guest: yes. you generally have to be working are working outside the home. host: is there an hour requirements? guest: there are a lot of specific requirements. host: kay from richmond, virginia. caller: if somebody is working as hard as they can and making less than $50,000 a year, they count on this refund every y
there is also other taxes like gasoline tax, phone tax. we pay a lot of money to foreign countries that we do not need to. as i think about taxes. guest: this is kind of one of the ideas that republicans talk about, and democrats talk about when we talk about moving to tax reform. it is getting the individual provisions. right now it is a complicated mess. the kind of start over with a simple system that has a few income brackets. easier said than done. that is one of the goals here. host: jim...
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so for instance if you have a tax system like ours where speculators are taxed at a different rate than if people who work for a living or from any into a bank account in the cayman islands rather than peak united states, you have extended the rules not only to give lower taxes, tax rates to those who avail themselves of these, but distorts the economy and you wind up with more speculation. the money isn't in the cayman islands because it grows better in the sunshine. lack of sunshine, is the reason people keep their money there. >> i had a conversation with someone from the financial industry trying to make the defense about things like carried interest which isn't investment income but gets taxed, there's a lot of effort put in with cancer in return, and i couldn't help, you know what else involves a lot of munster in return? renting books. i don't get the tax break and you get the tax break. >> just to clarify the question of very interesting, when a private equity or hedge fund earns money from their customers they earn a fee, that is their income. they are allowed to defer that and
so for instance if you have a tax system like ours where speculators are taxed at a different rate than if people who work for a living or from any into a bank account in the cayman islands rather than peak united states, you have extended the rules not only to give lower taxes, tax rates to those who avail themselves of these, but distorts the economy and you wind up with more speculation. the money isn't in the cayman islands because it grows better in the sunshine. lack of sunshine, is the...
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lump sum before taxes. he warned the hill family to be careful because folks they barely know will try to score a small chunk of those winnings. >> you don't know what tomorrow will bring. with some the people that come out of woodwork like you hear about. you know, those letters, you know, i still get them 8 years later. there is no book. there is no guide to tell these people what to do and how to do it. >> shepard: stephan white says life is wonderful now and he has just used some of his power ball winnings to make a donation to toys for tots. fox urgent now. two boys in florida plotting to set off a weapon of mass destruction here in the united states. this is new tonight. prosecutors say that weapon was some sort of explosive device. no word on a potential target. the fbi reports they arrested the brothers yesterday in fort lauderdale. the feds say the men are u.s. citizens. originally though from pakistan. they could get life in prison. there is a stalemate. let's not kid ourselves. that's the quote t
lump sum before taxes. he warned the hill family to be careful because folks they barely know will try to score a small chunk of those winnings. >> you don't know what tomorrow will bring. with some the people that come out of woodwork like you hear about. you know, those letters, you know, i still get them 8 years later. there is no book. there is no guide to tell these people what to do and how to do it. >> shepard: stephan white says life is wonderful now and he has just used...
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which would be income capital gains estate taxes the i just mentioned a couple games and state taxes go up investments in infrastructure let's rebuild this country help for struggling homeowners an extension of the payroll tax cut unemployment benefits this by the way sounds eerily like what dwight eisenhower did in the early fifty's when well during the recession the recession fifty one fifty two and eisenhower came in started building it actually i was system the g.i. bill they were there were you know in any case so where is this going to go i think you know frankly should've gone a step farther as an initial mission negotiated point and said we're not going to roll back the bush tax cuts we're going to roll back the reagan tax cuts and you know let's take it back to seventy four percent but you know mark i think there's a mistake here i don't think anything's really going to get done i think again that the main thing the main constituency of the newly elected and the incumbents is their party it's not the american people they can pass a budget i don't see why anybody thinks they
which would be income capital gains estate taxes the i just mentioned a couple games and state taxes go up investments in infrastructure let's rebuild this country help for struggling homeowners an extension of the payroll tax cut unemployment benefits this by the way sounds eerily like what dwight eisenhower did in the early fifty's when well during the recession the recession fifty one fifty two and eisenhower came in started building it actually i was system the g.i. bill they were there...
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. >> sean: same with value added tax after eliminating the fair tax is good, each one is progressive, the more you make, the more you spend. >> people get a flat tax. fair share, think flat tack. i'm starting to see forbes about it and listen this is what we ought to be doing. >> sean: where is the president? why the constant campaign? after every election there's a period when things can get den, good things. i was saying this to bob woodward, one in six in poverty, 50 million on food stamps this is not a time to play games this is a time to get this country out of the fiscal mess it is in, live within our means that means really doing big things, touching entitlements saving them from bankruptcy. campaigning in pennsylvania using class warfare. >> it is more egregious when you know we've had four deaths in libya. what happened how can we avoid that mistake in the future? when you go around the country and texas and people are hurting and struggling and it is breaking their heart to make ends meet and you know we have more energy than anybody in the world and not using it. >> sean: i
. >> sean: same with value added tax after eliminating the fair tax is good, each one is progressive, the more you make, the more you spend. >> people get a flat tax. fair share, think flat tack. i'm starting to see forbes about it and listen this is what we ought to be doing. >> sean: where is the president? why the constant campaign? after every election there's a period when things can get den, good things. i was saying this to bob woodward, one in six in poverty, 50...
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the fact of the matter is, our tax is a high tax state even though i did cut taxes. our unemployment rate never went much over 6.5%. it has been consistently much below the nation's unemployment rate the entire time. secondly, what you're seeing in wall street today is short-term behavior. bill clinton's tax rates, what we're going back to if we go down the fiscal slope, had no negative effect in the economy. in fact the economy was a whole lot better when bill clinton was president than it was under george bush or barack obama. so i think your case is good in the short term, not so good in the long term. i think the best way to restore confidence in wall street in the long term would be to show we're serious about the deficit. i don't think any deal they strike will be as serious about the deficit as this fiscal slope. >> i just think that era, you're right. the economy boomd especially in the mid 1990s and late 1990s. i don't think it did so well a couple years after bill clinton raised taxes. that's one of the reasons 1994 republicans had the biggest election they
the fact of the matter is, our tax is a high tax state even though i did cut taxes. our unemployment rate never went much over 6.5%. it has been consistently much below the nation's unemployment rate the entire time. secondly, what you're seeing in wall street today is short-term behavior. bill clinton's tax rates, what we're going back to if we go down the fiscal slope, had no negative effect in the economy. in fact the economy was a whole lot better when bill clinton was president than it was...
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not using this tax revenue to pay down debt. this is a wide disagreement. >> greta: in the first one 800 revenues 80 billion dollars a year, we could go to the study and find 80 billion dollars each year of waste that no one in his right mind wants to pay for that would easily meet that revenue demand. no one looks for waste. it is bizarre. we got money that we should at least figure out what we really need. >> i couldn't agree more. i really believe, deeply, that every cabinet member needs to be a manager. there's so much good that could be done with strong leaders in these cabinet departments and subcabinet departments and subcabinet departments to save, be more productive for the american people before asking, send more money. that's what we hear washington. we are in this big debt problem, the american people, send more money. not deal with the hard things that congressional oversight, do a good job of that. tom coburn is great at it, few are. this is the kind of thing we need to do more of. >> greta: always nice to see you.
not using this tax revenue to pay down debt. this is a wide disagreement. >> greta: in the first one 800 revenues 80 billion dollars a year, we could go to the study and find 80 billion dollars each year of waste that no one in his right mind wants to pay for that would easily meet that revenue demand. no one looks for waste. it is bizarre. we got money that we should at least figure out what we really need. >> i couldn't agree more. i really believe, deeply, that every cabinet...
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a broader tax reform. it's unclear whether we'll see that as part of the deal that happens before the so-called fiscal cliff and fiscal slope by the end of this year or in 2013, but we could see real corporate tax reform, possibly lowering in this year or next. these things can get lost in the details when folks are talking about the bush tax cuts and medicare and medicaid thinking about corporate taxes. but there is so much that could go in this deal. corporate taxes could be part of it. you would see ceos on television getting involved in this kind of stuff if there wasn't something at stake for them when it came to paying taxes and their bottom line. >> eliot: and another indicator of how far apart the parties are when you hear the debt ceiling where last year things got really angry politically as well as in the private negotiation. you have john boehner saying you are going to have to pay me a price to raise the debt ceiling. as a matter of policy they're saying you pass the tax bill. will there be a
a broader tax reform. it's unclear whether we'll see that as part of the deal that happens before the so-called fiscal cliff and fiscal slope by the end of this year or in 2013, but we could see real corporate tax reform, possibly lowering in this year or next. these things can get lost in the details when folks are talking about the bush tax cuts and medicare and medicaid thinking about corporate taxes. but there is so much that could go in this deal. corporate taxes could be part of it. you...
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loopholes and lower tax rates. that's far better for the economy. >> the clock is ticking. the year is ending. it's really important with tax legislation for it to happen now. we're calling upon the republican leadership in the house to bring this legislation to the floor next week. >> arthel: let's bring in steve centanni with more. >> as you can see, the two sides are taking strong stands on principle, but aren't really getting any closer to a compromise as we speed toward that fiscal cliff. the president hit the road appearing at a pennsylvania toy factory yesterday and appealing for a balanced approach, including spending cuts and new revenues. the president says we could cut taxes for the middle class right now if congress agreed to extend the bush era tax cuts for everybody except those earning more than 250,000 a year. he stressed the urgency of the situation. >> if congress does nothing, every family will see their income taxes automatically go up at the beginning of next year. a family of four will see the
loopholes and lower tax rates. that's far better for the economy. >> the clock is ticking. the year is ending. it's really important with tax legislation for it to happen now. we're calling upon the republican leadership in the house to bring this legislation to the floor next week. >> arthel: let's bring in steve centanni with more. >> as you can see, the two sides are taking strong stands on principle, but aren't really getting any closer to a compromise as we speed toward...
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. >> the defensive marriage act passed in 1996 which says for federal tax and other federal purposes, marriage shall be defined only between a man and a woman. so a couple of different federal court of appeals in the second circuit and the first circuit have struck down that aspect of doma, saying that the federal government has to treat same-sex married couples from those states that recognize same-sex marriage as married for federal purposes. so i think a lot of people properly speculate that the supreme court will have to take at least one of these doma cases, because when lower courts are struck down in aederal statute, that's a big deal, and we have to get a resolution of that. whether the preme court says at the same time it's going to go ahead and take the prop 8 case alongside or whether it will take a doma case and sit on the prop 8 case for some periods of months and then resolve the doma case and see how it feels about prop 8 after that is a more difficult question. >> certainly the court hasn't wanted to go too far ahead of what they see as a national consens consensus, bu
. >> the defensive marriage act passed in 1996 which says for federal tax and other federal purposes, marriage shall be defined only between a man and a woman. so a couple of different federal court of appeals in the second circuit and the first circuit have struck down that aspect of doma, saying that the federal government has to treat same-sex married couples from those states that recognize same-sex marriage as married for federal purposes. so i think a lot of people properly...
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if we could just pass a tiny tax on the speculative stock transactions, a robinhood tax, we could actually generate up to $350 billion, and i said billion dollars a year. every single year. that would be more than enough money to end the aids pandemic and to have money left over for the largest jobs program that we ever dreamed of and enough money to fight against climate change so us up here in new york won't have to face things like hurricane sandy, again. a robinhood tax to end aids rather than talking about cuts that really only affect the poorest and most vulnerable people who have been stripped naked, had everything taken away from them for decades. like people who rely on medicaid and social security the housing opportunities for persons with aids, ryan white, the president's emergency plan for aids relief and the global fund fight aids, malaria. we know we can fight aids, but we have to get in it. >> i want to talk about that in just a moment. the president's emergency plan for aids relief. an acronym and the secretary listed five points to end the spread of hiv and aids. a drop of
if we could just pass a tiny tax on the speculative stock transactions, a robinhood tax, we could actually generate up to $350 billion, and i said billion dollars a year. every single year. that would be more than enough money to end the aids pandemic and to have money left over for the largest jobs program that we ever dreamed of and enough money to fight against climate change so us up here in new york won't have to face things like hurricane sandy, again. a robinhood tax to end aids rather...
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we have known about the fiscal cliff and the sequestration and the tax increases or not tax increase, since a minimum of august of 2011. >> they have done nothing, except have a lot of chatter, no product. they have the super committee in november of 2011. they couldn't reach an opinion. so did they meet in december in no. january? no. february? no. did anybody do anything? no. in august, they went on vocation and campaigned for their vobs -- jobs. they took off august, september, october, early november and they are now worried about getting a deal before their christmas vacation. they are worried about christmas. i think, go figure. any business owner would never do that. so -- am i too hard on politicians? >> no. what this comes down to is the need for leadership in our country. think about all the problems that you just -- that you just espoused, gret a. and to consider that you take all of those problems and then have you to acknowledge that the leader of and the cause of many of those problems was just re-elected for four more years of the same? four more years of the status quo
we have known about the fiscal cliff and the sequestration and the tax increases or not tax increase, since a minimum of august of 2011. >> they have done nothing, except have a lot of chatter, no product. they have the super committee in november of 2011. they couldn't reach an opinion. so did they meet in december in no. january? no. february? no. did anybody do anything? no. in august, they went on vocation and campaigned for their vobs -- jobs. they took off august, september,...
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that would be tax-free income. that would be a way of tax avoidance. there are some legitimate worries about debt forgiveness. i think there is a logic to doing it forever. as long as you are sure it is a city with a decline in property value and losing the home, it is not really tax evasion. why did they do it for five years? we have a political department that might be better at answering that. host: what was the housing market like in the 2007? make a comparison of what was going on in 2007 and what is happening now. guest: it was beginning to tank. values peaked around 2006 and in some places 2007. it is the year we began to see the foreclosures and the problems with a sub prime mortgages. the context was, we were not in a recession yet. it was not like 2007 -- 2008 when everyone had a problem. in 2007 it was clear there were going to be a lot of defaults and this was potentially a problem. this tool can be an efficient way of handling what would otherwise be expensive foreclosures. host: we want to make sure the viewers understand what we are talk
that would be tax-free income. that would be a way of tax avoidance. there are some legitimate worries about debt forgiveness. i think there is a logic to doing it forever. as long as you are sure it is a city with a decline in property value and losing the home, it is not really tax evasion. why did they do it for five years? we have a political department that might be better at answering that. host: what was the housing market like in the 2007? make a comparison of what was going on in 2007...
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>> well, don't tax you, don't tax me, tax the guy behind the tree. >> paul: russell long, former late senator. >> exactly. and what you see here are very wealthy people who can, you know, engineer ways to avoid taxes, meanwhile, what he's-- the medicine he's suggesting for people who are starting to do better, people who say, make $200,000, maybe working their whole life. they're the ones who are going to get hit with the obama taxes and really, i mean, you look at that and you think a normal human being with, you know, would be ashamed of that lack of intellectual honesty, should be. >> it's fascinating economic dri that costco is borrowing the money to pay this dividend. now, usually when companies pay dividends, it's out of earnings, right? >> yes, retained earnings, in this case, they're borrowing, taking on more debt, not to invest in the business in the future growth, but for a one-time equity pay out. >> and to worry about interest rates are low thanks to ben bernanke. >>, but this shows the tax rates combined with very low bore heing costs and instead of investing in growth, y
>> well, don't tax you, don't tax me, tax the guy behind the tree. >> paul: russell long, former late senator. >> exactly. and what you see here are very wealthy people who can, you know, engineer ways to avoid taxes, meanwhile, what he's-- the medicine he's suggesting for people who are starting to do better, people who say, make $200,000, maybe working their whole life. they're the ones who are going to get hit with the obama taxes and really, i mean, you look at that and...
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in exchange, he says republicans could agree to more tax revenue, but not through higher tax rates. will both sides be able to work this thing out? let's bring in our panel, donna is an advisor to pennsylvania senator bob kerry and a former staffer for pennsylvania governor ed rendell. ron is a former communications director to the house speaker, dennis hastert. good to see you both. >> good to sigh. >> gregg: donna, let's start with what the president was offering a. even democrats are criticizing him for demanding 150 billion in more spending. not less, including a $50 billion stimulus this next year. at a time when the focus perhaps should be on spending cuts, are those democrats right? >> well, i'm hearing many more democrats resonating with the message that the president is delivering and that message is that he ran on and got elected on the basis of more taxes for the most wealthy americans. i think that there is a real danger for republicans in not really hearing that message. i've been impressed by the number of republicans that have made positive indications that more reven
in exchange, he says republicans could agree to more tax revenue, but not through higher tax rates. will both sides be able to work this thing out? let's bring in our panel, donna is an advisor to pennsylvania senator bob kerry and a former staffer for pennsylvania governor ed rendell. ron is a former communications director to the house speaker, dennis hastert. good to see you both. >> good to sigh. >> gregg: donna, let's start with what the president was offering a. even democrats...
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president obama appeared at a factory in pennsylvania making his case for raising taxes on top earners and accusing a handful of republicans of holding up a deal. if a deal is not reached by december 31, a $600 billion combination of tax increases and spending cuts goes into effect. let's get a check now on how the markets reacted to all of that news. our correspondence sent us this report from frankfurt. >> the dax climbed for about 2% this week, and share prices have been pushed mainly by the rescue package for greece, but at this last trading day of the week, trading has been quite low. the positive trend continued, although there has been some bad news coming in, like the record high unemployment rate in the euro area and the fact that u.s. consumers spend less money in october. nevertheless, the mood is fine. investors hope the fiscal cliff in the u.s.a. can be avoided. >> let's get a closer look at friday's trading. with all that uncertainty in washington, traders were playing it cautious. in germany, the blue-chip dax broke a bit of a winning streak, only gaining fractionally. e
president obama appeared at a factory in pennsylvania making his case for raising taxes on top earners and accusing a handful of republicans of holding up a deal. if a deal is not reached by december 31, a $600 billion combination of tax increases and spending cuts goes into effect. let's get a check now on how the markets reacted to all of that news. our correspondence sent us this report from frankfurt. >> the dax climbed for about 2% this week, and share prices have been pushed mainly...
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the president has been out there taxing dividend income. that's something that failed when the senate tried to do it and obviously trade bait and he didn't campaign on it and he doesn't feel strong about it. >> the escape is something a lot of folks are concerned about. >> he put it out there and it could be adjusted. once you get a range, you could strike it right down the middle. there's plenty to do there. it's the politics that are holding him back. if you put boehner and the president on a golf course and let them make a deal that is binding, i think they could do it in an afternoon. >> beth, "the new york times" reporting that the president would like to set an august 1st deadline. the plan would call for $600 billion in new revenue from revisions in the tax code. that's on top of nearly a fri trillion dollars raised on the bush tax cuts for the rich. is there support for both of these? >> both parties suggest it is a mess and too many exemptions and loopholes and that's just not, it's too complicated. it needs to be simpler and littl
the president has been out there taxing dividend income. that's something that failed when the senate tried to do it and obviously trade bait and he didn't campaign on it and he doesn't feel strong about it. >> the escape is something a lot of folks are concerned about. >> he put it out there and it could be adjusted. once you get a range, you could strike it right down the middle. there's plenty to do there. it's the politics that are holding him back. if you put boehner and the...
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his plan taxes $1.6 trillion of taxes. higher tax rates on people, families making more than $250,000 as well as closing loopholes, limiting deductions, raising the estate tax rate and increasing the taxes on capital gains and dividends. and the plan spends nearly $200 billion. another stimulus package of 50 billion. an extension of unemployment insurance benefits estimated around $30 billion and an extension of the payroll tax cut estimated at about $114 billion. but the geithner plan didn't cut spending. in return for all of that, the president offered $400 billion in cuts to medicare and other entitlement programs. today john boehner basically said, go fish. >> was not a serious proposal. and so, right now, we're almost nowhere. >> just when we needed someone to not say hey, mom, he was nasty so i can be, too. boehner, like geithner, leapt to the extreme. republicans, the best response to a nonstarter could be to put a real thoughtful compromise deal on the table. an alternative. and as for mr. geithner, he wasn't alone
his plan taxes $1.6 trillion of taxes. higher tax rates on people, families making more than $250,000 as well as closing loopholes, limiting deductions, raising the estate tax rate and increasing the taxes on capital gains and dividends. and the plan spends nearly $200 billion. another stimulus package of 50 billion. an extension of unemployment insurance benefits estimated around $30 billion and an extension of the payroll tax cut estimated at about $114 billion. but the geithner plan didn't...
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taxes, entitlements, you name it, we're ready to talk. >> you would begin with the tax situation, right? i would begin with the spending but you are smarter than me. >> so you say to mr. obama, all right, we're willing to compromise here if it's reasonable. all right? how much more do you want to squeeze out of the upper 2%? and he says probably, i want to go back to the rate clinton had 39.5 and i want to raise capital gains to 25%. do you, lou dobbs, give him that if there is something else that he has to give? >> i certainly would not give him that without conditions. >> bill: but you would think about it it? >> absolutely. that's what i'm saying. the dobbs plan says that reasonable, reasonable, what does that mean? that a little bit of tax hike on the wealthy, and wouldn't be a little bit. what is it estimated to be about something like a billion a year. >> $82 billion. >> bill: a year? >> per year. >> bill: that's still not -- all right. so, but then to get those tax hikes, what does lou dobbs want as far as spending cuts? >> well, you know, first of all i wouldn't negotiate in the
taxes, entitlements, you name it, we're ready to talk. >> you would begin with the tax situation, right? i would begin with the spending but you are smarter than me. >> so you say to mr. obama, all right, we're willing to compromise here if it's reasonable. all right? how much more do you want to squeeze out of the upper 2%? and he says probably, i want to go back to the rate clinton had 39.5 and i want to raise capital gains to 25%. do you, lou dobbs, give him that if there is...
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. >> with 32 days to go, will you be paying higher taxes? my political all-stars weigh in on battleground america. >>> and against all odds, after sandusky, penn state's incredible comeback. my exclusive interview with the coach of the year. >>> and a reunion with a dear old friend whose bark is as bad as her bite. sharon osbourne. her incredible year of highs and lows and how she's rebuilding her life after facing a terrible health prognosis. >> i couldn't see myself going through chemoagain. >> this is "piers morgan tonight." >>> good evening. who ever thinks the american dream is dead or dying should meet mark and cindy hill, a missouri couple who live a very ordinary life. at least that's what they were doing until wednesday and a little thing called power ball came along. sure, the odds were 1 in 175 million, but like everybody else in america, pretty much everyone else, they bought a ticket. wouldn't you know it, they won. sharing the jackpot with another lucky winner. today, the hills are holding a check in their hands for a cool $293
. >> with 32 days to go, will you be paying higher taxes? my political all-stars weigh in on battleground america. >>> and against all odds, after sandusky, penn state's incredible comeback. my exclusive interview with the coach of the year. >>> and a reunion with a dear old friend whose bark is as bad as her bite. sharon osbourne. her incredible year of highs and lows and how she's rebuilding her life after facing a terrible health prognosis. >> i couldn't see...
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who wants to start a business without knowing what the capital gains tax will be, tax code rate. plus the whole office supply industry has been shrinking for awhile, not just office max but office depot, and even best of breed staples, as companies shifted away from using lots of paper towards digital solutions like apple ipads. meanwhile there's not that much demand for the technological devices some of the companies sell which have become increasingly commodized. think personal computers. just witness the hideous performance of best buy. despite all these big perceived big picture, office max has been rallying like crazy. stock has run up 122% for year. yes, 122%. and it's fallen from 4.26 from the beginning of august to nearly $10. right now where the stock is less than a point off its 52-week high. is that -- well what the heck, right? five months ago this stock had been left for dead. but now somehow office max has managed to find new life and become a monster good performer. just when you expect the company to be take it on the chin. what the heck is really happening at thi
who wants to start a business without knowing what the capital gains tax will be, tax code rate. plus the whole office supply industry has been shrinking for awhile, not just office max but office depot, and even best of breed staples, as companies shifted away from using lots of paper towards digital solutions like apple ipads. meanwhile there's not that much demand for the technological devices some of the companies sell which have become increasingly commodized. think personal computers....
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. >> some of it comes from the general fund, there's income taxes and other taxes in the tax code and payroll taxes that create this distinct funding mechanism. >> and some of the money in the general fund comes from the social security trust fund. >> that's right. >> i wanted to get more to the political aspect of it. so maybe popularly people don't want to see 34ed kade -- i'm sorry, medicare touched but the belt way folks, the folks that are going to be voting on this do want to see that. >> yes, would he do. >> what are we going to bring to the table? are we just going to say we're not going to bargain with you? i mean, at what level do we allow for, say, means testing? we may not like it, but that's what it's going to allow. >> means testing, we can do means testing. if you want to do means testing, there's a very efficient way of doing it. we will raise your taxes on -- >> if you have more money. >> the grand bargain. >> the reality is that's not going to happen. >> wait a second. >> that's not going to happen. we can talk about -- look, we can talk about -- >> the reason why th
. >> some of it comes from the general fund, there's income taxes and other taxes in the tax code and payroll taxes that create this distinct funding mechanism. >> and some of the money in the general fund comes from the social security trust fund. >> that's right. >> i wanted to get more to the political aspect of it. so maybe popularly people don't want to see 34ed kade -- i'm sorry, medicare touched but the belt way folks, the folks that are going to be voting on this...
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if you clear away everything and look at the tax rates the president says tax rates have to go up on the wealthy by some amount. republicans are saying no we won't have any vote to raise tax rates and that's an impasse -- we don't see how we get around that. >> the president is embolden by his alexandria victory. he's taking it out to folks out on the street. he's acting like he feels he has a mandate to ask for these tax increase. do you think that's going to work? >> he thinks he has a mandate and if we go over the cliff the republicans will be blamed. he thinks the pressure of that will get the republicans to buckle. the tax rates will go up the easy way or the hard way. will it work? we have to guess at the public opinion. right now public opinion is on the president's side but that's in the abstract. if we see economic effects that affect real people we don't know how that ball bounces. >> i wonder if going over the cliff gives some political cover for politicians to compromise down the road? >> it gives cover and pressure. cover is a give. with republicans all of a sudden taxes
if you clear away everything and look at the tax rates the president says tax rates have to go up on the wealthy by some amount. republicans are saying no we won't have any vote to raise tax rates and that's an impasse -- we don't see how we get around that. >> the president is embolden by his alexandria victory. he's taking it out to folks out on the street. he's acting like he feels he has a mandate to ask for these tax increase. do you think that's going to work? >> he thinks he...
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a flat tax will do that. and steve forbes, arthur laugher a number of people are going to be pushing that this week. you will see. that's a fair share. that's what we ought to do. the compromise will be on what we cut. good grief, in the house we cut 11% over the last two years of our own budget. we should be demand and our leadership hasn't done it yet. 11% cut across the board throughout the government. this president is not even talking about it. he is talking about increasing spending. >> do you like the president's -- i'm curious your take on the president's populist argument right now. is he out there on the campaign trail again trying to sell this to the american people. >> that's what he does do. is he campaigner in chief. that's what he does well. >> isn't he looking at those polls showing that the republicans have been beaten down. the polls show if this happens most of the american people would blame the republicans. >> but he has been so abusive as of yesterday. so arrogant in what his demands are
a flat tax will do that. and steve forbes, arthur laugher a number of people are going to be pushing that this week. you will see. that's a fair share. that's what we ought to do. the compromise will be on what we cut. good grief, in the house we cut 11% over the last two years of our own budget. we should be demand and our leadership hasn't done it yet. 11% cut across the board throughout the government. this president is not even talking about it. he is talking about increasing spending....
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which means it pays no taxes, and its corporate members get a tax write-off. its legislators get a lot too. >> in wisconsin, i can't take anything of value from a lobbyist. i can't take a cup of coffee from a lobbyist. at alec, it's just the opposite. you know, you get there and you're being wined and dined by corporate interests. i can go down there and be wined and dined for days in order to hear about their special legislation. i mean, the head of shell oil flew in on his private jet to come to this conference. the head of one the largest utility companies in the country was there on a panel. utility company in 13 states, and here he is presenting to legislators. i mean, they clearly brought in some of the biggest corporate names in "special interestdom" and had them meeting with legislators because a lot of business transpires at these events. >> the most important business happens in what alec calls "task forces." there are currently eight of them, with a corporate take on every important issue in american life, from health and safety to the environment t
which means it pays no taxes, and its corporate members get a tax write-off. its legislators get a lot too. >> in wisconsin, i can't take anything of value from a lobbyist. i can't take a cup of coffee from a lobbyist. at alec, it's just the opposite. you know, you get there and you're being wined and dined by corporate interests. i can go down there and be wined and dined for days in order to hear about their special legislation. i mean, the head of shell oil flew in on his private jet...